Mumbai's Residential Market Sees 9% YoY Growth in Q3, Driven by Steady Sales and Stable Interest Rates
Knight Frank India's latest report reveals that Mumbai's residential market recorded the highest sales among eight Indian cities, with 24,222 units sold in Q3 2024, a 9% year-on-year growth.
MumbaiResidential MarketKnight Frank IndiaReal EstateOffice SpaceReal Estate MumbaiOct 03, 2024
The average weighted residential price saw a 6% YoY increase, reaching Rs 8,056 per sq ft, the highest in the country. Mumbai also recorded a 10% YoY growth in the Rs 5 mn to 10 mn ticket size category during Q3 2024, which accounted for 24% of the city's total sales.
The under Rs 5 mn segment saw the highest volume, with 10,198 units sold, representing 42% of total sales. Meanwhile, the Rs 10 mn and above category experienced a 16% YoY growth, increasing from 7,018 units in Q3 of 2023 to 8,153 units in Q3 of 2024.
The city also recorded the highest number of office space transactions across the eight Indian cities by India-facing business at 1.93 mn sq ft during Q3 of 2024. The total office space transactions in the city reached 2.7 mn sq ft during this period, while office completions saw a significant 167% increase, reaching 0.8 mn sq ft.
Frequently Asked Questions
What was the growth rate of Mumbai's residential market in Q3 2024?
9% year-on-year growth
What was the average weighted residential price in Mumbai in Q3 2024?
Rs 8,056 per sq ft
What was the highest ticket size category in Mumbai's residential market in Q3 2024?
Rs 10 mn and above
What was the total office space transactions in Mumbai in Q3 2024?
2.7 mn sq ft
What is the outlook for India's real estate market in the coming year?
The growth trend in the Indian real estate market is expected to continue upward in the coming year, driven by strong support from the increased purchasing power of homebuyers and the desire to improve their living conditions.
Related News Articles
CIDCO Mass Housing Scheme: Limited Response Despite High Availability
Launched in October under the Pradhan Mantri Awas Yojana, the 'My Preferred CIDCO Home' scheme aims to meet the growing demand for affordable housing. However, only 22,000 applicants have come forward for the 26,000 homes on offer, raising concerns about
Smart Investment Strategies for Luxury Real Estate Post-Budget 2024
With the new tax provisions on Long Term Capital Gains (LTCG), luxury real estate investors must adapt to minimize tax liabilities and maximize returns.
Welspun One's Promoter Stake Sale Attracts Multiple Bidders: PAG, Kotak, and Others in the Race
Welspun One, a leading real estate company, has entered the crucial phase of selling its promoter stake, with prominent players like PAG, Kotak, and others showing keen interest.
Stock Market Slides on Monday with Real Estate, IT, Telecom, and Media Sectors Hit Hardest
The stock market opened on a negative note on Monday, with real estate, IT, telecom, and media stocks suffering the most significant declines.
India's Real Estate Market Enters Transparent Tier, Attracts Global Investors
India's commercial real estate market has achieved a significant milestone by entering the transparent tier in JLL's Global Real Estate Transparency Index (GRETI) 2024, driven by increasing institutional participation and improved access to diverse real e
Sand Shortage in Goa: A Looming Crisis for Construction Workers and Real Estate
The shortage of sand in Goa threatens to disrupt the construction industry, affecting over 2 lakh workers, and potentially driving up property prices for buyers.